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Foreword by Edward C. Bernard
Letter from the Chief Economist
ICI Research: Staff and Publications
Part 1: Analysis and Statistics
Chapter 1: Overview of U.S.-Registered Investment Companies
Investment Company Assets in 2009
Americans’ Continued Reliance on Investment Companies
Role of Investment Companies in Financial Markets
Types of Intermediaries and Number of Investment Companies
Investment Company Employment
Chapter 2: Recent Mutual Fund Trends
U.S. Mutual Fund Assets
Developments in Mutual Fund Flows
Demand for Long-Term Mutual Funds
Demand for Money Market Funds
Chapter 3: Exchange-Traded Funds
What Is an ETF?
ETFs and Mutual Funds
How ETFs Trade
Demand for ETFs
Characteristics of Retail ETF Owners
Chapter 4: Closed-End Funds
What Is a Closed-End Fund?
Assets in Closed-End Funds
Number of Closed-End Funds
Closed-End Fund Preferred Shares
Closed-End Fund Auction Market Preferred Stock
Characteristics of Closed-End Fund Investors
Chapter 5: Mutual Fund Fees and Expenses
Trends in Mutual Fund Fees and Expenses
Shareholder Demand for Lower-Cost Funds
Factors Influencing Mutual Fund Expenses
The Changing Distribution Structure of Mutual Funds
Chapter 6: Characteristics of Mutual Fund Owners
Individual and Household Ownership of Mutual Funds
Where Investors Own Mutual Funds
Shareholder Sentiment and Willingness to Take Investment Risk
Shareholders’ Use of the Internet
Institutional Ownership
Chapter 7: The Role of Mutual Funds in Retirement and Education Savings
The U.S. Retirement Market
Individual Retirement Accounts
Defined Contribution Plans
Distributions from Defined Contribution Plans and IRAs
The Role of Mutual Funds in Households’ Retirement Savings
The Role of Mutual Funds in Households’ Education Savings
Part 2: Data Tables
Data Tables
Section 1: U.S. Mutual Fund Totals
Section 2: Closed-End Funds, Exchange-Traded Funds, and Unit Investment Trusts
Section 3: U.S. Long-Term Mutual Funds
Section 4: U.S. Money Market Funds
Section 5: Additional Categories of U.S. Mutual Funds
Section 6: Institutional Investors in the U.S. Mutual Fund Industry
Section 7: Worldwide Mutual Fund Totals
Appendix A: How Mutual Funds and Investment Companies Operate
The Origins of Pooled Investing
The Different Types of U.S. Investment Companies
The Organization of a Mutual Fund
Fund Entities and Service Providers
Fund Pricing: Net Asset Value and the Pricing Process
Tax Features of Funds
Appendix B: Core Principles Underlying the Regulation of Mutual Funds and
Other Registered Investment Companies
Transparency
Daily Valuation and Liquidity
Oversight and Accountability
Limits on Leverage
Custody
Prohibitions on Transactions with Affiliates
Diversification
Appendix C: Statistical Releases and Research Publications
ICI Statistical Releases
ICI Research
Appendix D: Significant Events in Fund History
Glossary |
